On October 12, Billion Industrial (02299.HK) held an extraordinary general meeting where shareholders formally approved a special resolution for a share consolidation by poll, with 1,898,625,308 shares voting in favor (100.00%) and 0 shares against (0.00%).
The resolution provides that every 2 existing ordinary shares of HK$0.01 each in the issued and unissued share capital of the company be consolidated into 1 consolidated share of HK$0.02 each.
Following the share consolidation, the authorized share capital remains at HK$100,000,000, changed from 10,000,000,000 existing shares of HK$0.01 each to 5,000,000,000 consolidated shares of HK$0.02 each.
Fractional consolidated shares arising from the share consolidation will not be dealt with and will be aggregated and sold or purchased back by the directors on such terms as they consider appropriate.
As at the date of the extraordinary general meeting, the total number of issued shares of the company was 2,110,420,000 shares.
The resolution is subject to the approval by the Listing Committee of the Stock Exchange for the listing of and permission to deal in the consolidated shares, as well as compliance with the relevant procedures and requirements under Hong Kong law and the Rules Governing the Listing of Securities on the Stock Exchange, and will take effect on the second business day after the date of approval of the resolution or the fulfillment of the above conditions, whichever is later.
Hong Kong Registrars Limited was appointed as the scrutineer for the meeting.
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